DDM Analysis: 002580.SZ

Valuation Snapshot

Stable Growth	$10.02 - $26.29	$15.27
Multi-Stage	$6.79 - $7.42	$7.10
Blended Fair Value	$11.18
Current Price	$14.42
Upside	-22.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.48%	4.27%	0.08	0.04	0.01	0.02	0.04	0.03	0.03	0.06	0.06	0.07
YoY Growth	-	-	119.26%	164.17%	-44.22%	-43.53%	45.01%	-8.31%	-45.89%	8.73%	-16.84%	28.02%
Dividend Yield	-	-	0.58%	0.49%	0.14%	0.34%	0.76%	0.60%	0.50%	0.72%	0.54%	0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	199.10
(-) Cash Dividends Paid (M)	25.65
(=) Cash Retained (M)	173.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	39.82	24.89	14.93
Cash Retained (M)	173.46	173.46	173.46
(-) Cash Required (M)	-39.82	-24.89	-14.93
(=) Excess Retained (M)	133.64	148.57	158.53
(/) Shares Outstanding (M)	462.25	462.25	462.25
(=) Excess Retained per Share	0.29	0.32	0.34
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.29	0.32	0.34
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	9.13%	9.13%	9.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.02	$15.27	$26.29
Upside / Downside	-30.53%	5.88%	82.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	199.10	212.05	225.83	240.51	256.14	272.79	280.97
Payout Ratio	12.88%	28.30%	43.73%	59.15%	74.58%	90.00%	92.50%
Projected Dividends (M)	25.65	60.02	98.75	142.27	191.02	245.51	259.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.13%	9.13%	9.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.48	55.00	55.52
Year 2 PV (M)	81.37	82.92	84.49
Year 3 PV (M)	106.41	109.47	112.58
Year 4 PV (M)	129.70	134.69	139.82
Year 5 PV (M)	151.32	158.62	166.21
PV of Terminal Value (M)	2,613.56	2,739.79	2,870.86
Equity Value (M)	3,136.84	3,280.49	3,429.47
Shares Outstanding (M)	462.25	462.25	462.25
Fair Value	$6.79	$7.10	$7.42
Upside / Downside	-52.94%	-50.78%	-48.55%

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Shandong Sacred Sun Power Sources Co.,Ltd (002580.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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